BNDES president confirms Brazil pulpmakers' tie-up talks -report

A report on the newspaper’s website said Paulo Rabello de Castro, president of state development bank BNDES, which is a key shareholder in both companies, confirmed the ongoing talks: “We have been working to bring together these two giants.”

Shares of both companies rose about 5 percent in early afternoon trading in Sao Paulo following the report. (Reporting by Tatiana Bautzer Editing by Chizu Nomiyama)